Chatham County is out of the running for multibillion-dollar microchip facility
A U.S. semiconductor company that was evaluating Moncure’s Triangle Innovation Point for a multibillion-dollar manufacturing facility has withdrawn its interest, two sources familiar with the project told The News & Observer Thursday.
The Chatham County megasite — just north of Sanford and half an hour’s drive from downtown Raleigh — faced steep competition, the N&O previously reported. The company that was considering the Moncure location was also looking at sites in Texas and Arizona.
News of the chip maker’s decision to locate elsewhere was first reported by the Chatham News + Record.
The News & Observer’s sources declined to name the semiconductor company, citing nondisclosure agreements, but said the project could have brought a $40 billion investment to the state.
Several microchip makers have announced plans of that scale in response to a global semiconductor shortage and huge demand. Micron, an Idaho-based chip maker, said in October, for example, that it hopes to invest $150 billion in manufacturing, research and development in the U.S. in coming years. Erica Rodriguez Pompen, a spokeswoman for Micron, previously told the N&O that Micron is evaluating sites across the world for investment.
In September, Intel began construction on a $20 billion chip plant in Arizona, and Samsung is building a $17 billion chip plant outside of Austin, Texas.
The TIP megasite, the largest megasite in North Carolina, has been under development for years, but interest has accelerated in recent months, according to Michael Smith, president of the Chatham Economic Development Corporation.
“We have been getting very close looks from many operations,” he said in an interview. “It’s good to have options instead of hanging your hat on one thing. If we miss something this week, there’s another thing next week.”
Chatham EDC and TIP management have not isolated a single industry they hope to attract. State officials had worked to land a car manufacturer at the site, but recently expanded their interest to include life sciences and high-tech manufacturing.
Located off U.S. 1 in Moncure, around 30 miles southwest of Raleigh, the megasite is one of the state’s most attractive industrial sites, as it is close to the Triangle’s labor force. The site has previously been looked at by an electric vehicle manufacturer in addition to the chip maker, sources previously told The N&O.
The nearly 22,000-acre complex is designed to accommodate several “smaller” companies, each with up to one million-square-foot facilities, or a much larger single user, according to Jason Kaplan, the managing member of Moncure Holdings LLC, which oversees TIP’s development. Electric vehicle manufacturing space is in high demand, he said, but many industries could land at TIP.
“EV is on the tip of everyone’s tongue,” Kaplan said. “I think that’s a very active industry, so it’s possible. I wouldn’t say TIP has to be EV related or doesn’t. The state is interested in good jobs.”
Between several companies, TIP could generate up to 20,000 new jobs, according to Kaplan’s estimate. Several major companies are in discussions with Chatham EDC and state representatives. Smith expects the site to have secured tenants before the end of 2022.
